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Asked by Prashant on :Jul. 12, 2018

If I won the prize of one lac on a lottery ticket…

If I won the prize of one lac on a lottery ticket, how much tax do I need to pay?

If I won the prize of one lac on a lottery ticket, how much tax do I need to pay?

0

Jeeba Jul. 12, 2018

Income earned from winning of prize on lottery tickets shall be chargeable to tax as income from other sources. Flat 30% shall be deducted from income earned from winning lottery tickets.

Further, expenditure incurred for the realisation of income shall not be deducted.

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